Nine ladies dancing has always been an odd number. This function will be phased out as these individuals grow older and can no longer do the steps.

Ten Lords-a-leaping is overkill. The high cost of Lords plus the expense of international air travel prompted the Compensation Committee to suggest replacing this group with ten out-of-work Congressmen. While leaping ability may be somewhat sacrificed, the savings are significant because we expect an upcoming oversupply of unemployed Congressmen.

Eleven pipers piping and twelve drummers drumming is a sample case of the band getting too big. A substitution with a string quartet, a cutback on new music and no uniforms will produce savings which will drop down to the bottom line.

We can expect a substantial reduction in assorted people, fowl, animals and other expenses. Though incomplete, studies indicate that stretching deliveries over twelve days is inefficient. If we can drop ship in one day, service levels will be improved.

Regarding the lawsuit filed by the attorney's association seeking expansion to include the legal profession ("thirteen lawyers-a-suing")action is pending.

Lastly, it is not beyond consideration that deeper cuts may be necessary in the future to stay competitive. Should that happen, the Board will request management to scrutinize the Snow White Division to determine if seven dwarfs is the right number.